The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
I have no defences for the shambles of a report I've just read.
BoD should be ashamed of themselves to now be reliant on external factors/influences to save the company, complete incompetence.
"5 out of the BoD have finance experience"... I'll crack the jokes.
The knock on effect to this house of cards falling will send waves through the industry.
It's either White Knight βοΈ or Good Night π
For what it's worth, and although some would like to say that I'll not have a choice... I'm staying put βοΈ, my choices are my own and no amount of self-gloating neg heads will have any influence on this decision. You can stop patting yourselves on the back now.
For others, I appreciate the constructive criticism of the company and appreciate the context you have provided along with your opinions, even if they haven't aligned with my own.
And for all those genuinely invested, I wish us all the best going to the wire.
P.S, Only wear the show that fits βοΈ
Whether it's true or not, I'm currently bathing in the silence from the short crew here :)
I can imagine this has been a very, very long bank holiday weekend for them... and perhaps a longer week ahead should the rumour come to fruition before re-opening.
Just want to play a little bit of devils advocate here (Info on the ADR):
OTC market places (Where the PFC ADR is traded) are often more susceptible to pump and dump schemes due to much lower disclosure requirements and limited liquidity - Source investopedia.
"The main difference between OTC and public markets is the level of liquidity. OTC securities tend to have very low volume, resulting in potential slippage after large transactions. In addition, OTC markets also have much lower disclosure requirements than public markets, meaning that it can be harder to find accurate information about the securities being traded. This also makes them more susceptible to fraud"....
1000% P&D - raises eyebrows, and being as heavily traded as it currently is suggests this is more than just a P&D.
I do like the idiom "There's no smoke without fire" and the fact that PFC ADR is trading at the 1 year high level, could suggest In house, perhaps AA himself along with a consortium placing bid. A bid at around Β£1.20 would not be objected by the board IMO. This also keeps shareholders (including the BoD) and Petrofac employees (with shares) happy going forward, progressing into the $8.8 Billion contracts.
To be clear, I am invested here and I would love nothing more than us to receive material information in an RNS regarding take over. May this information keep up level headed heading into the weekend and hope for such an RNS to be delivered.
GLA
Thought I would add a little positive title subject for today.
Not that it gets under any group in particulars skin...
I did think ADR would just drop off each day, but looking at todays price gives alot of hope and adds to speculation.
In all honestly I don't think PFC LSE could maintain Β£1 SP when it's unsuspended on just pure rumour, there should be some material information provided prior to us getting our hopes up (that high). However, happy to live in a land where this positive speculation runs free and I'd rather be long than short during this time... that's for dam sure!
What a turn if events this would be...
Maybe the sweat has already started, hence the silence from the usual FUD crew here.
That's going to sting a little...
No certainty that trading will resume on the 31st May, they can get an extension as I believe, however this will also mean costs to the open short position, and no effect on SP. Double barrel.
I would imagine we will get an RNS on the Friday 31st regardless, either of resumption of trading or further extension.
And it's completely possible that we will get resumption of trading RNS and offer RNS @ 7am any-day prior to this too.
Downbutnotout... It will surely be interesting when trading resumes.
Hopefully there is a 'White Knight' or perhaps 'Golden Sheik' in town... No smoke without fire.
Multiple RNS's inbound? 8 Days to go...
Could it be Sidara who have been biding for Woodgroup... perhaps have decided PFC fits their portfolio better than some might of thought.
There was always a risk for funds of a takeover here.
Ivorgriffiths,
PFC have given notice that they will be defaulting and requested a subsequent grace period for this to be paid, 40 odd % have agreed not to take action prior to end of June when this issue could likely be resolved by then.
Yes, PFC are cutting it fine and have missed this payment date but it doesn't mean they are insolvent, it just means they regard this payment less of a priority than the day to day runnings of the company until STF is resolved - which seems imminent.
It would be nice however IMO not a high probability in current situation, perhaps after the fog is cleared.
Recommencing of trading on the 31st May is going to happen. The share price will go one of two ways. (IMO it will go up due to the over reaction before suspension and still no resolution on STF) The double barrel RNS has thrown a few minds here to thinking of insolvency. It's not. The only reason for suspension is due to delay in full year audited results.
IMO Deals will be struck to secure short term financing and security garentees gained, with such a good reputation with clients, a little helping hand to get through the hard times may be given (in one way or another). Bearing in mind the UK has just exited a recession while PFC has been in suspension π good news - yes.
Petrofac is here to stay, so I wouldn't listen to the fear mongers. Especially during suspension.
Again Ivorgrif. You post non factual information on this board. "The company is bust. Game over".
Complete nonsense. You don't know this with any more certainty than anyone holding onto shares here hoping for a good outcome.
And I can also confirm on the PFC floor, it is BAU.
You're at a distance where your perspective/opinion is negligible I'm afraid. PFC carry on with the day to day works.
Completely Apothecary. I am still optimistic a good deal can be struck here. What is petrofac without the people?... Not very much. However, the suggestions that employees are jumping ship during this time is just ludacrous (lol). Only perhaps afterwards, once the T&C's have been written in ink might some employees take a "do it yourself attitude".
We wait in anticipation of a positive deal.π
π₯±π₯±
Shares suspended. Factual material Information welcome. Extracts from your personal diary... not so much.
What a load of boll*cks that's just been spouted.
Nothing material has come out since the last RNS to justify your post other than your own thoughts and emotions. Reading back your history you have been quite erratic in your positions here IG.
The pre-suspension RNS stated that a bond payment would be missed, no one knows anything else other than we will possibly start trading again on the 31st May (after results).
Even then, there still might not be a resolution to the short term liquidity in this time.
PFC have given themselves a months grace to the now exposed bond payment delay and as stated before, alot can happen in a month.
Debt holders can take 'the biscuit', perhaps a larger chunk of the buisness from shareholders, that is a probability Paul, we dont know what deals are being struck or T&C's... However as some of the shareholders are also employees through share schemes / remuneration packages, this may leave a bitter taste in some mouths, and if those such people are essentially the cooks in the kitchen, I'd get ready for some sh*tty meals being made afterwards.
A deal may be struck to the benifit of debt holders, but if it's at the complete detriment of their own employees (and share holders), I can't say its the best foundation for a strong buisness going forward - regardless of the attractive backlog. A sort of capitalists poison.
My bets are on a good outcome for both shareholders and debt holders, for the scenario you have described with debt holders taking everything does not sit well with me. Should the debt holders make unfavourable terms, may they reap what they sow. Remembering that petrofac is a 'people buisness'.
Exactly Apothecary.
Atleast some alternative views from other posters have some context to read into. Couldn't help but laugh at these 3.
All day yesterday there was peace and quiet here... in terms of sharing thoughts or info on how things may turn out. No real bumf or niggling.
Then... the 3 bot muskateers Tony, KPA and Dogger come in the last 3 comments as if nothing better to do with their Friday night. Name a better trio... ill wait. Haha. What's your game play here lads, if it's a game of life and how to use your time with distinct purpose and value... you have all but lost.
Directors who have shares (through remuneration package or not) will also be subjected to any D4E terms.
I take a little bit of satisfaction from this...
If we go down in this plane, I'm glad they have no parachute.
Hoping for the best outcome here for all parties.
"Petrofac Limited results for the six months ended 30 June 2023 -
We remain focused on closing out legacy contracts, with five of the remaining eight contracts expected to be completed(5) during the second half of the year or early in 2024"
5 out of 8 to be completed in H1 2024.